Confindustria Urges EU to Fast-Track Global Trade Deals Amid US Tariff Pressure

Italy's primary business association, Confindustria, has urged the European Union to accelerate negotiations on international trade agreements in response to escalating tariff threats from the United States. US President Donald Trump recently announced a 50% tariff on EU products, initiating June 1, but later moved the deadline to July 9 for negotiations.

Confindustria President Emanuele Orsini emphasized the necessity for the EU to finalize its agreement with Mercosur after updating deals with Chile and Mexico. He also stressed the importance of reaching agreements with Australia, advancing talks with India and ASEAN, and considering the 54 African Union countries part of the free trade area.

Additionally, Orsini advocated for the EU to permit exceptions in budget discipline rules to support defense spending and a robust plan to propel industrial investment across Europe.

(With inputs from agencies.)